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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: TimeToMakeTheInvs who wrote (48804)	11/10/2003 12:38:06 PM
From: AugustWest	Respond to of 57110

Kerplunk!!!!! (COMTEX) Dollar nose-dives to 3-year low to 107 yen range in N. Y.+ ( Kyodo ) NEW YORK, Nov 10, 2003 (Kyodo via COMTEX) -- The U.S. dollar temporarily plunged to a three-year low against the yen on Monday morning in New York in the wake of Sunday's Japanese general election which led foreign investors to believe Japan would proceed with its political and economic reforms. The dollar briefly nose-dived to 107.87 yen at one point, the lowest level since mid-November 2000. The dollar later regained strength and was quoted at 108.05-15 yen at 11 a.m., down from Friday's 5 p.m. quote of 109.30-40 yen in New York and Monday's 5 p.m. quote of 109.37-40 yen in Tokyo. At 11 a.m., the euro was quoted at $1.1500-1510 and 124.35-45 yen against $1.1507-1516 and 125.88-92 yen at 5 p.m. in Tokyo. A dealer at a Japanese bank said, "The yen may rise further as the market is checking if the Bank of Japan may step into the market to stem the yen's appreciation." The dealer added that there is a possibility that the dollar may drop to a 105 yen range. Japan's ruling coalition maintained a combined stable majority of 275 seats in the powerful House of Representatives despite the dominant Liberal Democratic Party's setback. Dealers said foreign market players snapped up the yen against the dollar, believing Prime Minister Junichiro Koizumi has no choice but to press ahead with political and economic reforms. (EDS: UPDATING WITH DOLLAR'S SHARP FALL AGAINST YEN IN U.S. MORNING TRADING) 2003 Kyodo News (c) Established 1945 -0- KEYWORD: NEW YORK * end of story *